The proceeds will be used to fund expansion and building the brand, said Gaurav Kushwaha, the Bengaluru-based startup's chief executive and co-founder.

BlueStone had raised Rs 80 crore put together in the previous two rounds - Series A and B. "Raising our initial rounds was difficult, but this round was a cake walk for us," said Kushwaha, an IIT-Delhi alumnus. He refused to divulge the valuation.

It was Kushwaha's IIT tag that attracted IvyCap Ventures to the company, said Vikram Gupta, founder and managing partner of the venture capital firm. This is IvyCap's 10th investment overall and fifth in the ecommerce space.

"It is clear that people are trusting to shop online for high-ticket items like jewellery. We have been watching this space for a while and given Kushwaha's track record on mentoring startups, we can certainly count on him," Gupta said.

Prashanth Prakash, partner at Accel Partners, confirmed the investment. "This is the first online company that has been able to curate the brand right from designing to merchandising to retailing," he said.